Procedures in employment psychology

Study week on the econometric approach to development planning

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Monograph

Identifikator:: 173623112X

URN:: urn:nbn:de:zbw-retromon-112923

Document type:: Monograph

Author:: Bingham, Walter Van Dyke http://d-nb.info/gnd/123042593; Freyd, Max

Title:: Procedures in employment psychology

Place of publication:: Chicago & New York

Publisher:: Shaw

Year of publication:: 1926

Scope:: XI, 269 S

Digitisation:: 2020

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: IV. Choice of workers to be studied

Collection:: Economics Books

574 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28 increments of wealth, it is bound to subside. Industry, on the other hand, is bound to remain a permanent cause of increase of wealth and to become pre-eminent as time goes on, owing to the very nature of its cumulative process. These two aspects of the modern world seem to me very helpful in indicating the directions in which the emergence of the modern era has stimulated economic analysis. The concept of trade is, so to speak, a static concept. It is associated with a situation in which a plurality of economic systems (or of individuals) are endowed with particular resour- ces or products and try to gain advantages by exchange. The interest that such a situation arouses in an economist concerns the problem of how to reach the best allocation of given resour- ces, namely of how to make the best use of what one has already. We may imagine a stationary situation in which a plurality of economic systems have reached equilibrium in- ternally, but do not trade among themselves; and then another stationary situation in which the same economic systems, be- sides having reached an internal equilibrium, also trade with one another. Is is easy to show that the passage from the first to the second situation — i.e. a once-for-all change from no trade to a new situation of trade, to be maintained thereafter — normally brings about a gain for all. The problem involved is a problem of rationality, which may be expressed by a mathematical function to be maximised under certain cons- traints. The concept of, and the problems entailed by, industry are quite different. Industry is, so to speak, a dynamic con- cept. It means production, i.e. the engagement and the appli- cation of man’s ingenuity to make and shape the products he wants. But since by doing and experiencing man learns, it is implied in the very nature of carrying on a production activity that new and better methods of production will be discovered. Of course, to find new methods takes time, and takes time in a persistent way. The economist is faced here ‘10] Pasinetti - pag. 4

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